Posts tagged ‘House Prices’
This is a legacy post from the findaproperty.com blog which is now maintained as an archive within the Zoopla blog. Links have been preserved.
As 2011 draws to a close we’d like to wish you all a merry Christmas and a healthy and happy new year.
Here at FindaProperty.com we’re also pausing to reflect on what’s been a very busy year on the property front and to pick out some of the top stories of the year.
The endangered species of the property market, first-time buyers faced a tough year on the home front. Even though interest rates remained at historic lows and prices held steady or in many cases came down, those looking to take that first tentative step onto the property ladder and buy a home were rarely seen.
The Council of Mortgage Lenders (CML) reported there are now 200,000 FTBs a year compared with around 500,000 before 2008. And it’s a story of affordability. The CML says the average deposit for a first-buyer home is now 20%, which means finding a national average deposit of at least £25,000, or significantly more than that in London and some other cities.
Housing minister Grant Shapps recognised the problems faced by first-time buyers when he launched the goverment’s new housing strategy earlier this year, saying an “entire generation” have been blocked from the housing ladder and pledging to put this group at the centre of Government efforts to get the property market moving again.
The UK’s move towards being a nation of renters, rather than buyers, was probably the biggest single property story of the year.
FindaProperty.com research found the typical national monthly rent reached £890 in October – the highest average we’ve ever recorded for a home to rent- which accounted for 46 % of average monthly household net earnings. Renting was further thrust into the spotlight by homelessness charity Shelter and their disturbing landmark report into the affordability of the private rental sector.
Latest FindaProperty.com figures for December show rents are down slightly – partly down to a seasonal change, but this adjustment doesn’t change the fact that more of us are expecting to stay in our rented homes for longer. Recent FindaProperty.com research found 26 per cent of home searchers had “no issue” with renting long term.
House prices generally held steady in 2011. FindaProperty.com’s November asking price data showed the average price of a home at £215,385, 0.5% down on the previous month, but still 0.7% higher than a year ago. London’s status as an international city meant it operated as an independent market and the latest figures showed prices continued to increase there – by 0.7% last month, bringing the average price of a London home to £453,956.